Amazon acquires fintech firm Axio
The Hindu
Axio announced that it had signed an agreement to be acquired by Amazon.
Indian fintech firm Axio announced that it has been acquired by Amazon after a multi-year partnership with the e-commerce giant.
“In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of axio. The transaction will now await the required regulatory approvals,” said Axio in a blog post.
Amazon and Axio previously had a six-year equity partnership, but they did not reveal the specifics of the takeover. Axio specialises in providing credit to customers, with a focus on those using e-commerce services.
However, TechCrunch reported that the deal was worth over $150 million, citing anonymous sources.
“We have achieved steady growth with robust asset quality, having served over 10 million customers till-date with an AuM of Rs. 2,200 crores and a 3% GNPA. Amazon has been an invaluable partner in this journey, and we have more to accomplish together,” said Axio.
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